NEW YORK (Reuters) – Goldman Sachs’ credit-card partnership with Apple may end before its contract runs out in 2030, Goldman CEO David Solomon said on Wednesday. “We have a contract with Apple to run that partnership until 2030, although there’s some possibility that it won’t continue until that time frame,” Solomon told analysts on an […]
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Goldman Sachs CEO says Apple card partnership may end before 2030
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NEW YORK (Reuters) – Goldman Sachs’ credit-card partnership with Apple may end before its contract runs out in 2030, Goldman CEO David Solomon said on Wednesday.
“We have a contract with Apple to run that partnership until 2030, although there’s some possibility that it won’t continue until that time frame,” Solomon told analysts on an earnings call.
The Apple card dragged down Goldman’s return on equity by 75 to 100 basis points last year, but “that will improve in 2025 and 2026,” he added.
The business is housed within Goldman’s platform solutions unit, which posted an $859-million annual net loss in 2024.
JPMorgan Chase is in talks with Apple about replacing Goldman Sachs as the tech company’s credit-card partner, Reuters reported in September, citing a source familiar with the matter.
(Reporting by Saeed Azhar and Noor Zainab Hussain, editing by Lananh Nguyen and Rod Nickel)